Gold technical analysis: Yellow Metal is capped below $1,346.00/oz

• Gold seems to have run out of steam below 1,346.00
• A break below 1,320.00 would confirm the bearish case.

Gold daily chart

Gold is consolidating the recent gains below the 1,346.00 resistance.

Gold 4-hour chart

Gold is trading above its main simple moving averages (SMAs) suggesting bullish pressure in the near term.

Gold 30-minute chart

Bulls will attempt to regain 1,338.00 to climb up to 1,346.00 resistance. On the flip side, sellers can try to break below 1,326.00 and 1,320.00 support to travel south near 1,303.00.

Additional key levels